American Express has reported better-than-expected third-quarter profits of $2.51 billion, driven by effective expense management and a focus on affluent customers. This has allowed the company to maintain lower provisions for credit losses compared to its competitors.
Total expenses for the quarter were below expectations at $12.08 billion, while revenue increased by 8 percent to $16.64 billion, slightly missing forecasts.
In other news, Genesys, a leader in artificial intelligence, has confidentially filed for an initial public offering in the United States. UBS is also divesting a 50 percent stake in Swisscard to American Express, further strengthening the latter's position in the credit card industry.
Additionally, Perplexity AI, which is backed by Jeff Bezos, is in discussions to raise funds with the aim of doubling its valuation to $8 billion.